Published July 28, 2021, 11:43 AM
Here’s more good news for Filipino weightlifter Hidilyn Diaz.
The Bureau of Internal Revenue (BIR) said cash gifts and other rewards to be received by Diaz–the first Filipino Olympic gold medalist–won’t be subject to income tax.
Hidilyn Diaz shortly after her ‘golden’ moment in the ongoing Tokyo Olympics (Photo by Vincenzo Pinto / AFP)
According to Revenue Deputy Commissioner for Legal Group Marissa Cabreros, prizes bestowed to winners in the quadrennial Olympic games and other amateur competitions are tax exempt under the Tax Code.
She said, however, that prizes coming from the private sector will be subject to a six percent donor’s tax.
The Bureau of Internal Revenue (BIR) has allowed individual and business taxpayers up to May 15 to submit their 2020 income tax returns (ITR) without penalty.